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Spain's Caixabank to swap debt for preferential shares

Source: Reuters - Fri 16th Dec 2011
Spain's Caixabank to swap debt for preferential shares

Caixabank said on Thursday it will swap preference shares worth 4.9 billion euros into convertible bonds and other debt to boost its solvency, mirroring recent moves by other Spanish banks.

The board of the Barcelona-based lender approved a plan to swap the preference shares into convertible bonds and the remaining 70% into subordinated debt, according to a statement released through the securities regulator.

Preference shares cannot be counted as core capital, a key measure of a bank's solvency.

Last week, EBA estimated Caixabank's capital shortfall at 630 million euros.

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